Core IT contracting markets return to ‘more normal recruitment cycle’
IT contractors working in the financial sector, the UK’s largest consumer of IT contractor services, can expect a gradual improvement in market conditions, according to March’s Morgan McKinley London Employment Monitor. Last’s month’s monitor shows an 11% increase in financial jobs month on month, with a more modest 1% increase since last year. This is positive news for IT contractors, as more employees usually means more contracts. Morgan McKinley COO Andrew Evans commented: “As Q1 draws to a close, anecdotal evidence from our clients points towards a return to a more ‘normal’ recruitment cycle.” More…
PCG’s contractor magazine Freelancing Matters goes online
Contractors will be able to access PCG’s in-house magazine Freelancing Matters online from this week. The website will provide news, comment and blogs to bridge the gap between the bi-monthly magazine issues. “The magazine and website are vital to helping us to engage, understand and project the community more effectively,” explains Iain McIlwee, PCG Head of Commercial Development. “Freelancing is no longer a niche and 1 in 20 in the workforce now work freelance; simply put, freelancing matters.” More…
No windfall tax reprieve for oil and gas contractors as Treasury talks falter
Oil and gas contractors could potentially lose out on thousands of North Sea assignments as talks have faltered between the sector trade body Oil and Gas UK and the Chancellor George Osborne over the North Sea windfall tax. Following the announcement of the tax in the 2011 Budget, global energy companies started reconsidering North Sea investment plans, threatening 15,000 jobs and contract assignments. Energy giant Chevron has been the latest firm to issue a warning about scaling-back UK investment. More…
Contracts held back because UK companies aren’t spending, says think tank
Contractors are missing out on a potentially lucrative stream of contracts because UK companies are postponing business investment decisions and hoarding cash in their balance sheets. Economic forecasting group the Ernst & Young ITEM Club urges companies to invest to replace sluggish consumer spending growth. It specifically recommends that companies use their cash to invest in capacity for export to economies rebounding fast from the economic slowdown. More…
IT contractor bank clients under pressure to move away from “increasingly toxic” UK
Barclays has become the latest of the UK’s major financial sector IT contractor clients to come under pressure to relocate from London. According to a report by James Quinn in the Sunday Telegraph, major investors in Barclays have told its board that a move to New York might be preferable “from a tax and regulatory perspective”. The Sunday Telegraph was told by one institutional investor, “that the climate in the UK was becoming ‘increasingly toxic’ for major banks”. More…
Contracting facing threat from slowing foreign direct investment
Contractors are facing a threat to their livelihoods as foreign direct investment into the UK slows dramatically. The Confederation of British Industry (CBI) warns that investment and jobs will be lost to other countries if the Government does not take action to bolster the UK’s attractiveness to investors. The highly skilled and flexible contracting workforce is a key factor that attracts foreign investment. More…
Contractor limited companies: key tax deadlines for 2011-2012 from HMRC
Contractors trading via limited companies can now check key tax-related deadlines to ensure they, or agents such as accountants, don’t submit paperwork late and potentially incur penalties. The information is all contained in a handy PDF download available from HMRC. For most limited company contractors, the first deadlines to be aware of are the P35 Employer Annual Return due on 19 May 2011, followed by the P11D on 6 July 2011. More…
Aerospace and defence contractors receive government recognition
Contractors and others working in the defence and aerospace sectors have received government recognition for the contribution they make to the UK economy. Talking at the Royal Aeronautical Society Annual Conference, Business and Enterprise Minister Mark Prisk acknowledged that “public finances are constrained”, but went on to say that there was nevertheless “a lot of private and public investment underway”. Noting that “the UK remains an excellent place for aerospace firms to do business”, he praised the expertise of those working in the sector. “We have some of the most talented designers, engineers, manufacturers and other aerospace professionals working in the field anywhere in the world,” he said. More…